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Tax Year in Review 2024Tax Year in Review 2024

Highlights of important new developments from the past year.

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Trusts and Estates Tax Year In Review

Basis Consistency

Treasury Decision (T.D.) 9991

Internal Revenue Service releases final regulations implementing Internal Revenue Code Section 1014(f)’s basis consistency rules

The IRS and Treasury released final regulations (final regs) (T.D. 9991) regarding the reporting of basis consistency rules under IRC Sections 1014(f) and 6035. These final regs apply to estate tax returns filed after Sept. 17, 2024. 

Under Section 1014(f), the recipient’s basis of property received from a decedent must be the same as the value reported on the federal estate tax return. Section 6035 establishes the method and requirements for reporting the property values for the executor of the estate. The executor of an estate that’s required to file an estate tax r...

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About the Authors

David A. Handler

 

David A. Handler is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP.  David is a fellow of the American College of Trust and Estate Counsel (ACTEC), a member of the NAEPC Estate Planning Hall of Fame as an Accredited Estate Planner (Distinguished), and a member of the professional advisory committees of several non-profit organizations, including the Chicago Community Trust, The Art Institute of Chicago, The Goodman Theatre, WTTW11/98.7WFMT (Chicago public broadcasting stations) and the American Society for Technion - Israel Institute of Technology. He is among a handful of trusts & estates attorneys featured in the top tier in Chambers USA: America's Leading Lawyers for Business in the Wealth Management category, is listed in The Best Lawyers in America and is recognized as an "Illinois Super Lawyer" bySuper Lawyers magazine. The October 2011 edition of Leading Lawyers Magazine lists David as one of the "Top Ten Trust, Will & Estate" lawyers in Illinois as well as a "Top 100 Consumer" lawyer in Illinois. 

He is a member of the Tax Management Estates, Gifts and Trusts Advisory Board, and an Editorial Advisory Board Member of Trusts & Estates Magazine for which he currently writes the monthly "Tax Update" column. David is a co-author of a book on estate planning, Drafting the Estate Plan: Law and Forms. He has authored many articles that have appeared in prominent estate planning and taxation journals, magazines and newsletters, including Lawyer's Weekly, Trusts & Estates Magazine, Estate Planning Magazine, Journal of Taxation, Tax Management Estates, Gifts and Trusts Journal. He is regularly interviewed for trade and news periodicals, including The Wall Street Journal, The New York Times, Lawyer's Weekly, Registered Representative, Financial Advisor, Worth and Bloomberg Wealth Manager magazines. 

David is a frequent lecturer at professional education seminars. David concentrates his practice on trust and estate planning and administration, representing owners of closely-held businesses, principals of private equity/venture capital/LBO funds, executives and families of significant wealth, and establishing and administering private foundations, public charities and other tax-exempt entities. 

David is a graduate of Northwestern University School of Law and received a B.S. Degree in Finance with highest honors from the University of Illinois College of Commerce.

Alison E. Lothes

Partner, Gilmore, Rees & Carlson, P.C.

http://www.grcpc.com

 

Alison E. Lothes is a partner at Gilmore, Rees & Carlson, P.C., located in Wellesley, Massachusetts. Ms. Lothes focuses on estate planning for high net worth individuals including estate, gift and generation-skipping transfer tax planning, will and trust preparation, estate and trust administration, and charitable giving.  Ms. Lothes previously practiced at Kirkland & Ellis LLP (Chicago, Illinois) and Sullivan & Worcester LLP (Boston, Massachusetts).